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Microsoft Cloud Authors: Eric Aarrestad, Greg O'Connor, Liz McMillan, Aleksei Gavrilenko, Elizabeth White

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Toronto Real Estate Board Reports Commercial Market Figures

TORONTO, ONTARIO -- (Marketwired) -- 07/04/14 -- Stepping into his role as President of the Toronto Real Estate Board, Paul Etherington announced a year-over-year increase in combined industrial, commercial/retail and office space leased through the TorontoMLS system in the second quarter of 2014. There was over 5.8 million square feet of total space leased in Q2 2014 - up by 15.6 per cent compared to Q2 2013. At over 4.2 million square feet, the amount of industrial space leased was up by 10.8 per cent year-over-year. The industrial segment accounted for almost three quarters of total leased space.

Annual change in average lease rates was mixed. The average industrial lease rate, for properties leased on a per square foot net basis for which pricing was disclosed, was $5.10 - up by 5.5 per cent in comparison to Q2 2013. The average commercial lease rate was down by 2.4 per cent to $18.93 per square foot net. The average office lease rate was essentially unchanged compared to the same time frame last year.

"The industrial leasing market can be considered an indicator of business confidence. A lot of industrial activity in the Greater Toronto Area is pointed at the production of goods for export abroad and particularly south of the border to the United States. If we continue to see an uptick in industrial leasing, this could suggest that an increasing number of businesses are preparing for an upturn in export orders. However, it is important to point out that there still exists some uncertainty with regard to the value of the Canadian Dollar, so we could still experience some volatility in leasing activity moving forward," said Toronto Real Estate Board President Paul Etherington.

There was a total of 239 industrial, commercial/retail and office properties sold through the TorontoMLS system in the second quarter of 2014. This result was down from 342 transactions reported in Q2 2013. Most of the decline was in the industrial market segment. The average selling price on a per square foot basis for transactions where pricing was disclosed was up for industrial properties. Average selling prices were down for commercial/retail properties and office properties.

"Changes in average selling prices were the result of both market forces and a different mix of properties sold, in terms of type, size and geography, this year compared to last. Business investment in Canada has been slow to recover since the recession. However, if we see a sustained recovery in the export sector, investment in industrial, commercial/retail and office properties will likely increase," continued Mr. Etherington.


Second Quarter 2014: All Commercial Lease Transactions
Total Leased Space for All Lease Transaction Types on
 TorontoMLS

                         Total Leased Square Feet
                       Q2 2014        Q2 2013       % Change
------------------------------------------------------------
Industrial           4,249,686      3,835,033          10.8%
------------------------------------------------------------
Commercial             803,914        538,137          49.4%
------------------------------------------------------------
Office                 764,383        658,046          16.2%
------------------------------------------------------------
Total                5,817,983      5,031,216          15.6%

Second Quarter 2014: Per Square Foot Net Commercial Leasing
 Summary
Lease Transactions Completed on a Per Square Foot Net Basis
 with Pricing Disclosed on TorontoMLS

                             Leased Square Feet
                       Q2 2014        Q2 2013       % Change
------------------------------------------------------------
Industrial           1,641,909      1,930,865         -15.0%
------------------------------------------------------------
Commercial             308,473        214,506          43.8%
------------------------------------------------------------
Office                 252,780        258,121          -2.1%
------------------------------------------------------------
Total                2,203,162      2,403,492          -8.3%

Second Quarter 2014: Per Square Foot Net Commercial Leasing
 Summary
Lease Transactions Completed on a Per Square Foot Net Basis
 with Pricing Disclosed on TorontoMLS

                             Average Lease Rate
                       Q2 2014        Q2 2013       % Change
------------------------------------------------------------
Industrial               $5.10          $4.83           5.5%
------------------------------------------------------------
Commercial              $18.96         $19.43          -2.4%
------------------------------------------------------------
Office                  $13.73         $13.71           0.1%
------------------------------------------------------------


Second Quarter 2014: All Commercial Sale Transactions
Total Number of Sales on TorontoMLS

                                Total Sales
                       Q2 2014        Q2 2013       % Change
------------------------------------------------------------
Industrial                  92            146         -37.0%
------------------------------------------------------------
Commercial                 106            130         -18.5%
------------------------------------------------------------
Office                      41             66         -37.9%
------------------------------------------------------------
Total                      239            342         -30.1%

Second Quarter 2014: Commercial Sales Completed with Pricing
 Disclosed on TorontoMLS

                          Sales (Price Disclosed)
                       Q2 2014        Q2 2013       % Change
-------------------------------------------------------------
Industrial                  89            118         -24.6%
-------------------------------------------------------------
Commercial                 106            106           0.0%
-------------------------------------------------------------
Office                      41             44          -6.8%
-------------------------------------------------------------
Total                      236            268         -11.9%

Second Quarter 2014: Commercial Sales Completed with Pricing
 Disclosed on TorontoMLS

                    Avg. Sale Price Per Sq. Ft. (Pricing
                                 Disclosed)
                       Q2 2014        Q2 2013       % Change
------------------------------------------------------------
Industrial              $97.58         $89.48           9.0%
------------------------------------------------------------
Commercial             $142.76        $168.01         -15.0%
------------------------------------------------------------
Office                 $169.90        $183.80          -7.6%
------------------------------------------------------------

Source: TREB
NOTE: Some table totals may differ due to conversion and rounding.

Greater Toronto REALTORS® are passionate about their work. They are governed by a strict Code of Ethics and share a state-of-the-art Multiple Listing Service. Over 39,000 TREB Members serve consumers in the Greater Toronto Area. TREB is Canada's largest real estate board.

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